Ionis To Buy Remaining 24% Of Akcea Common Stock For $18.15/Shr Cash

(RTTNews) - Ionis Pharmaceuticals Inc. (IONS) said it enetred into a definitive agreement with its affiliate Akcea Therapeutics Inc. (AKCA) to acquire all of the outstanding shares of Akcea common stock it does not already own, about 24%, for $18.15 per share in cash, representing a total transaction value of about $500 million.

The transaction has been approved by the Ionis and Akcea Boards of Directors, and by the independent Affiliate Transactions Committee of Akcea's Board of Directors. Akcea's Board of Directors has recommended to shareholders of Akcea that they tender their shares into the tender offer.

Ionis and Akcea expect to complete the transaction in the fourth quarter of 2020, subject to other customary closing conditions. Ionis expects to fund the acquisition through existing cash resources.